Reporting of cash deposit-withdrawals to the Income Tax Department
Following Transactions along with your PAN and/or Aadhar will be reported by Banks /Post Office Bank to Income tax Department vide Notification No. 53/2022 dated 10/05/2022
•Cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more bank or a co-operative bank or post office account.
•Cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more bank or a co-operative bank or post office account
•Opening of a current account or cash credit account by a person with bank or a co-operative bank or post office.
Kindly note limit of Rs. 20 Lakhs is to be counted in a financial year considering cumulative transactions.
Notification No. 53/2022 dated 10/05/2022